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How Community Property Debts – Affect Home Loans

Arizona is a community property state and because of that reason, there are different lending standards for certain home loans.
 
In this article, we will address the common home loans and how they are affected by a community property state.
 
FHA & VA Home Loans
 
When using a VA or FHA home loan to purchase or refinance a home, if you are married, then your spouse’s debts count against you for qualifying purposes, whether or not they are listed on your loan application. That means that any monthly payment that appear on either spouse’s credit report count as a debt, even if only one spouse is on the loan application.
           
Furthermore, if your spouse is not on your home loan application, then you are also not allowed to use any income they earn as well.
 
However, there is one important caveat in the state of Arizona as well. If you can prove any of the debt in a spouse’s name was obtained solely before a marriage, then those debts can potentially be excluded from being counted.
 
            For example, if a couple recently married and either the husband or wife has a large amount of student loans obtained prior to the marriage, you may be able ... more

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